From the information given below, prepare a November income statement, a November statement of retained earnings, and a November 30 balance sheet. On November 1 of the current year, Victoria Garza, the sole stockholder, began Garza Décor with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.Accounts payable…………….$12,000Notes payable………………4,250Accounts receivable………. 19,000Office furnishings………..$40,000Cash………………………21,200Rent expense……………9,600Dividends………………. 6,000Salaries expense……….4,200Fees earned……………….34,000Telephone expense…….250
What will be an ideal response?
| GARZA DÉCOR Income Statement For Month Ended November 30 | ||
| Revenue: | ? | ? |
| Fees earned……………………….. | ? | $34,000 |
| Operating expenses: | ? | ? |
| Rent expense……………………………. | $9,600 | ? |
| Salaries expense………………………… | 4,200 | ? |
| Telephone expense……………………… | 250 | 14,050 |
| Net income…………………………………….. | ? | $19,950 |
| GARZA DÉCOR Statement of Retained earnings For Month Ended November 30 | |
| Retained earnings, November 1……………………….. | $ 0 |
| Plus: Net income……………………………. | ? | 19,950 |
| ? | ? | 19,950 |
| Less dividends……………………. | ? | (6,000) |
| Retained earnings, November 30………………. | ? | $13,950 |
Balance Sheet
November 30
| Assets | ? | Liabilities | ? |
| Cash…………………….. | $21,200 | Accounts payable… | $12,000 |
| Accounts receivable…… | 19,000 | Notes payable | 4,250 |
| Office furnishings……….. | 40,000 | Total liabilities | $16,250 |
| ? | ? | Equity | ? |
| ? | ? | Common stock…… | 50,000 |
| ? | ? | Retained earnings | 13,950 |
| Total assets……………. | $80,200 | Total liabilities and equity… | $80,200 |
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